Dow Kicks Off August with Fresh Intraday High

The three major benchmarks are fresh off their July wins

Assistant Editor
Aug 2, 2021 at 12:25 PM
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Stocks are higher at midday, kicking off August on a strong note after all three major indexes notched July wins. The Dow Jones Industrial Average (DJI) is up 124 points this afternoon, and earlier in the session nabbed an intraday high. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly in the black, as the former stands within reach of fresh all-time highs as well.

Elsewhere, the IHS Markit manufacturing purchasing manager’s index (PMI) came in at 63.4 for July, which is above June's results. However, a similar reading from the Institute for Supply Management (ISM) showed a small dip. Investors are also keeping a close eye on the progressing infrastructure bill in the Senate. 

Continue reading for more on today's market, including: 

  • Billion-dollar acquisition boosts digital payment name. 
  • Checking in with Robinhood stock after its market debut.
  • Plus, call traders target UAA; engineering stock surges ahead of quarterly report; and TGTX plummets on earnings miss.

MMC802

One stock seeing a surge of options activity on the New York Stock Exchange (NYSE) today is apparel retailer Under Armour Inc (NYSE:UAA), ahead of tomorrow's second-quarter earnings report, which is due out before the open. So far, 17,000 calls and 3,566 puts have crossed the tape, which is five times the intraday average. The most popular contract by far is the August 21.50-strike call, where new positions are being opened. At last check, the security is up 3% to trade at $21.05. However, a number of long-term moving averages are looming above, including the 80-day moving average, which appears to be capping today's gains. Year-over-year, though, UAA is up 101.5%.

UAA MMC

 

One of the best performing stocks on the Nasdaq today is Atlas Technical Consultants Inc (NASDAQ:ATCX), last seen up 27.4% to trade at $11.44. The company announced it will report second-quarter earnings after the close on Aug. 16, and last week secured a $10 million maintenance engineering and inspection contract with Georgia DOT. Today's pop has helped the equity break through pressure at the 80-day moving average, which had been guiding shares lower since early June. Year-to-date, the security is up 62.7%.

Meanwhile, TG Therapeutics Inc (NASDAQ:TGTX) is one of the worst stocks on the Nasdaq today, down 22.8% to trade at $27 this afternoon, after the company reported wider-than-expected second-quarter losses of 59 cents per share. Today's major bear gap has the stock trading at its lowest since December. This year, the shares have already shaved 40.3%.

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